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Interthinx integrates 4506-T service into FraudGUARD

Oct 01, 2009

Interthinx announced that it has developed new proprietary risk analytics based on income verification results and integrated them into FraudGUARD, its premiere loan-level fraud detection tool. In addition, lenders will now have the ability to automatically and manually place 4506-T orders for income verification by the IRS directly through FraudGUARD. The integration and display of 4506-T results within FraudGUARD provides an added level of risk mitigation and helps lenders ensure that false income information won’t lead to the approval of loans with a higher likelihood of default. “Technology has made it easy to forge or procure documents that can fool even the best loan underwriters, and Interthinx has noted an increase in fraudsters using these forged documents to falsify assets and income,” said Connie Wilson, executive vice president of Interthinx. “This type of fraud is dangerous because it can make ratios used to underwrite loans virtually meaningless. Income verification with the 4506-T service has become a pre-funding requirement for many lenders, and now Interthinx has made it easier and faster to attain results.” According to the Interthinx Mortgage Fraud Risk Report for second-quarter 2009, the employment and income fraud index decreased by 33 percent from second-quarter 2008. The report analysis concludes the decrease in the index is due in part to the increased use of the 4506-T service by lenders nationwide. “We’re thrilled to see the industry taking a bite out of income and employment fraud,” added Mike Zwerner, senior vice president of business development and marketing for Interthinx. “The mortgage industry must not settle for this decrease. We must continue to improve our ability to prevent fraud through underwriting guidelines that include mandatory income verification from the IRS. The integration of the 4506-T service into FraudGUARD is helping lenders secure an access point where income fraud has previously crept into the transaction, and it secures it swiftly.” Lenders now have the ability to review results from both the IRS and Interthinx proprietary analysis directly within the FraudGUARD report. Additionally, the company reports the new enhancement will improve underwriting efficiencies for lenders by enabling a quicker response from the IRS through the use of the electronically uploaded consent forms with pre-populated information provided through FraudGUARD. For more information, visit  
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